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This is weird to me. Does Facebook currently ban advertisements for commodities like gold? If no, then what's the difference between advertising for bitcoin and

This is weird to me. Does Facebook currently ban advertisements for commodities like gold? If no, then what's the difference between advertising for bitcoin and advertising for gold?

coralreef 9y ago
The problem aren't ads for Bitcoin, its ads for Shitcoin scams.
- TheAdamAndChe 9y ago
  Then why not just ban Shitcoin scams?
  - wmf 9y ago
    Because Facebook (and most others) can't tell the difference between a legitcoin and a shitcoin. They already got in trouble for trying to separate "fake news" from real news, so why double down on the same problem? Take Tezos for example. Greatest innovation in blockchain history or greatest scam in blockchain history? You could lose a lot of hair over that decision, or you could just kill 'em all and let Satoshi sort 'em out.
    - JumpCrisscross 9y ago
      > Because Facebook (and most others) can't tell the difference between a legitcoin and a shitcoin And they shouldn't have to. We tightly regulate securities-related promotional content because we learned, the hard way about a century ago, that left to itself securities markets breed scams like rabbits.
fwdpropaganda 9y ago
Well one difference is that bitcoin has no intrinsic value, ie, it's online gambling in disguise. I believe that Facebook currently bans ads for online gambling. Don't agree? Ask yourself, why don't you see ads for other commodities, like rice or iron? Because there's no money in that. So how come there's money in ads for bitcoin? Could it be because bitcoin is not actually a commodity?
- bhauer 9y ago
  I hear what you're saying, but am compelled to ask: what intrinsic value does gold have?
  - fwdpropaganda 9y ago
    Don't know, I don't buy gold either.
  - nkozyra 9y ago
    Gold is intrinsically scarce, but I understand where you're going. Perhaps FB has just seen that this category of advertisement is more likely to attract scammers?
  - JBReefer 9y ago
    There are a ton of industrial uses for gold: https://en.wikipedia.org/wiki/Gold#Other_applications https://en.wikipedia.org/wiki/Gold#Other_applications Spacecraft shielding is my favorite
  - anderspitman 9y ago
    I forget who said it, but I once heard something along the lines of, "if we get into a situation where the value of gold goes through the roof, it'll be because things have gotten really bad. And if they're that bad people are going to realize pretty quick that they don't want gold. They want water bottles and gasoline."
    - mulmen 9y ago
      I don't get it. If people realize they don't want gold why would the price go up?
      - untog 9y ago
        I think the implication is that the price will spike quickly, then collapse through the floor when people realise the true situation.
soared 9y ago
The SEC isn't coming down hard on gold mines?
doingmyting 9y ago
Gold is an actual physical thing? Price fluctuates but it doesn't go up 10000% in a year and then crash back down 50% in a month? Please don't read this to mean I am against crypto, I think the idea behind the blockchain is great, but I can see how FB would want to not facilitate it's many unsuspecting gullible userbase from losing their life savings in crypto and having to answer to congress after the Russia scandal.
labster 9y ago
Both gold mining and coin mining are environmentally dirty industries, but at least gold can used for useful things like conductors, reflectors, and jewelry. The only thing you can fashion out of bitcoins is entropy.
- juicyfroot 9y ago
  Entropy is a "property" of everything. So you are saying there is no value to Bitcoin? I sent money overseas to family with it... does that not count?
cm2012 9y ago
Facebook does ban cash for gold schemes. No one advertises selling gold regularly so it's not an issue.
JumpCrisscross 9y ago
> Does Facebook currently ban advertisements for commodities like gold? I don't think the problem is Bitcoin per se as much as the rancid industry of scams and frauds pumping and dumping alt coins and ICOs.
- esMazer 9y ago
  just like they banned political ads in the past election...
soundwave106 9y ago
Commodities actually is not exactly the safest area to invest in if you go to the wrong people. Gold coins for instance have their fair share of fraud-peddlers. (https://www.aarp.org/money/scams-fraud/info-2016/gold-coin-investment-scams.html https://www.aarp.org/money/scams-fraud/info-2016/gold-coin-i...) My best guess is, based on their guidelines (https://www.facebook.com/policies/ads/ https://www.facebook.com/policies/ads/), sure, Facebook would be okay with any gold advertisements from accredited commodities investment institutions. On the other hand, advertisements from certain random shady gold coin dealers? Honestly, Facebook should be weary of advertisements in this space too, if they aren't already. If there was a way for cryptocurrency to come from an "accredited institution" with "sufficient disclosure" of various metrics and safeguards typically used in retail investing, I would think Facebook would be okay with it. It's more that a lot of cryptocurrency (really unfortunately considering how fascinating the tech is) feels shady and/or scam like at the moment.

This is weird to me. Does Facebook currently ban advertisements for commodities like gold? If no, then what's the difference between advertising for bitcoin and advertising for gold?

coralreef 9y ago

The problem aren't ads for Bitcoin, its ads for Shitcoin scams.

TheAdamAndChe 9y ago
Then why not just ban Shitcoin scams?
- wmf 9y ago
  Because Facebook (and most others) can't tell the difference between a legitcoin and a shitcoin. They already got in trouble for trying to separate "fake news" from real news, so why double down on the same problem? Take Tezos for example. Greatest innovation in blockchain history or greatest scam in blockchain history? You could lose a lot of hair over that decision, or you could just kill 'em all and let Satoshi sort 'em out.
  - JumpCrisscross 9y ago
    > Because Facebook (and most others) can't tell the difference between a legitcoin and a shitcoin And they shouldn't have to. We tightly regulate securities-related promotional content because we learned, the hard way about a century ago, that left to itself securities markets breed scams like rabbits.

fwdpropaganda 9y ago

Well one difference is that bitcoin has no intrinsic value, ie, it's online gambling in disguise. I believe that Facebook currently bans ads for online gambling. Don't agree? Ask yourself, why don't you see ads for other commodities, like rice or iron? Because there's no money in that. So how come there's money in ads for bitcoin? Could it be because bitcoin is not actually a commodity?

bhauer 9y ago
I hear what you're saying, but am compelled to ask: what intrinsic value does gold have?
- fwdpropaganda 9y ago
  Don't know, I don't buy gold either.
- nkozyra 9y ago
  Gold is intrinsically scarce, but I understand where you're going. Perhaps FB has just seen that this category of advertisement is more likely to attract scammers?
- JBReefer 9y ago
  There are a ton of industrial uses for gold: https://en.wikipedia.org/wiki/Gold#Other_applications https://en.wikipedia.org/wiki/Gold#Other_applications Spacecraft shielding is my favorite
- anderspitman 9y ago
  I forget who said it, but I once heard something along the lines of, "if we get into a situation where the value of gold goes through the roof, it'll be because things have gotten really bad. And if they're that bad people are going to realize pretty quick that they don't want gold. They want water bottles and gasoline."
  - mulmen 9y ago
    I don't get it. If people realize they don't want gold why would the price go up?
    - untog 9y ago
      I think the implication is that the price will spike quickly, then collapse through the floor when people realise the true situation.

soared 9y ago

The SEC isn't coming down hard on gold mines?

doingmyting 9y ago

Gold is an actual physical thing? Price fluctuates but it doesn't go up 10000% in a year and then crash back down 50% in a month? Please don't read this to mean I am against crypto, I think the idea behind the blockchain is great, but I can see how FB would want to not facilitate it's many unsuspecting gullible userbase from losing their life savings in crypto and having to answer to congress after the Russia scandal.

labster 9y ago

Both gold mining and coin mining are environmentally dirty industries, but at least gold can used for useful things like conductors, reflectors, and jewelry. The only thing you can fashion out of bitcoins is entropy.

juicyfroot 9y ago
Entropy is a "property" of everything. So you are saying there is no value to Bitcoin? I sent money overseas to family with it... does that not count?

cm2012 9y ago

Facebook does ban cash for gold schemes. No one advertises selling gold regularly so it's not an issue.

JumpCrisscross 9y ago

> Does Facebook currently ban advertisements for commodities like gold? I don't think the problem is Bitcoin per se as much as the rancid industry of scams and frauds pumping and dumping alt coins and ICOs.

esMazer 9y ago
just like they banned political ads in the past election...

soundwave106 9y ago

Commodities actually is not exactly the safest area to invest in if you go to the wrong people. Gold coins for instance have their fair share of fraud-peddlers. (https://www.aarp.org/money/scams-fraud/info-2016/gold-coin-investment-scams.html https://www.aarp.org/money/scams-fraud/info-2016/gold-coin-i...) My best guess is, based on their guidelines (https://www.facebook.com/policies/ads/ https://www.facebook.com/policies/ads/), sure, Facebook would be okay with any gold advertisements from accredited commodities investment institutions. On the other hand, advertisements from certain random shady gold coin dealers? Honestly, Facebook should be weary of advertisements in this space too, if they aren't already. If there was a way for cryptocurrency to come from an "accredited institution" with "sufficient disclosure" of various metrics and safeguards typically used in retail investing, I would think Facebook would be okay with it. It's more that a lot of cryptocurrency (really unfortunately considering how fascinating the tech is) feels shady and/or scam like at the moment.